I need help with a script that makes a machine have a cooldown. [?]

local debounce = false

function OnClicked(player)
	if debounce == false then
		print("Passed first If Statement")
		debounce  = true
		if player.TeamColor == script.Parent.Parent.Parent.Parent.Parent.TeamColor.Value then
			print("Passed second If Statement")
			wait(0.1)
			script.Parent.BrickColor = BrickColor.new("Really black")
			script.Parent.Parent.Running.Value = false
			wait(119.9)
			script.Parent.BrickColor = BrickColor.new("Dark indigo")
			script.Parent.Parent.Running.Value = true
			end
		print("Setting debounce to false")
		debounce = false
	end
end

script.Parent.ClickDetector.MouseClick:connect(OnClicked)   

Try this. I just moved the 'debounce = false' to the end of the first if statement, so that if the second if statement isn't met, it will again set the debounce (cooldown) to false. Also made debounce 'local'.

Tip: If you want to find where the script fails, use print(), like what I did here.

I don't know if there are more errors in the script, but I'm sure that this will fix your cooldown problem.